Biocon rallies 10% post Q1 results

The stock rallied 10% to Rs 613 on the BSE after the company reported 48% growth in consolidated net profit at Rs 1.2 billion in June quarter.

Shares of Biocon have rallied 10% to Rs 613 per share on the BSE after the company reported 48% growth in consolidated net profit at Rs 1.2 billion in June quarter (Q1FY19). The biopharmaceuticals company had profit of Rs 0.81 billion in the same quarter year ago.

The company’s revenue from operations grew 20% at Rs 11.24 billion against Rs 9.34 billion in the corresponding quarter of previous fiscal. EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved to 26% from 25% during the quarter.

The research services business through Syngene sustained its strong growth trajectory, reporting